Fernand Braudel,The Perspective of the World. This is Volume III of Braudel’s magnificent trilogy, Civilization and Capitalism, 15th–18th Century. Markets and market economy were something very different from modern capitalism, as Braudel explores with a combination of marvelous detail and panoramic sweep. Many would vote Braudel the twentieth century’s greatest historian and Schumpeter the century’s greatest economist.

At first approach, Joseph Schumpeter’s own prose style is meandering and overfull with illustrations, asides, and historical qualifications. He is also sensitive to the aliveness of economic life and his new insights often emerge from the detail. His big three books are The Theory of Economic Development (1912; English edition, 1934), with its theory of innovation, capital creation, and development through cycles; Business Cycles (1939), with its historical vision of economic long waves; and his wartime essay Capitalism, Socialism, and Democracy. Each book alludes only lightly to the theories developed in the others; when they are read together the whole vista of modern economic history opens up.